Argosy Minerals (ASX:AGY) has increased the JORC 2012-compliant Mineral Resource Estimate (MRE) of its Rincon Lithium Project in Argentina by 180%.
The $175.55 million market capitalisation company says the upgrade comprises 686,875 tonnes of lithium carbonate (Li2CO3) with a weighted mean average lithium concentration of 329mg per litre (mg/L).
The MRE also includes 606,313 tonnes of Li2CO3 in the indicated category with a weighted mean average of 326mg/L, and 80,562 tonnes inferred with a weighted mean average of 351mg/L.
Argosy says the total MRE forms the basis for increased sustainable commercial production targets and long-term life of mine modelling. Dynamic modelling works are underway to develop an updated production forecast and to optimise brine borefield design.
The company notes the MRE also provides further support for increased future commercial scale development of the Rincon Project.
Managing Director Jerko Zuvela says with 88% of the MRE in the indicated category, the upgrade further validates Argosy’s ambitions and near-term growth phase to fully develop the Rincon Lithium Project.
Argosy Minerals currently holds a 77.5% interest in Rincon, which sits in the Salta Province, Argentina, as well as a 100% interest in the Tonopah Lithium Project in Nevada, US.
As of 30 September 2023, Argosy Minerals had $17.802 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Argosy Minerals
